Learn me: Selling a diamond

Long story short, a year ago I proposed, she said maybe. Fast forward 1 year and it was no. At least it was mutual and friendly. Time to move on.

So I have a loose diamond I want to sell. I'm sure I'll get hosed on it, but I'm looking for where I can get the best price for it. I'm having a written appraisal done (it is GIA certified), so I will have an actual price for it. But do I shop it to jewelry stores, pawn shops, "We buy gold!" places?

Thanks!

I went through something similar selling a stone this spring. still in the setting? the setting is essentially worthless, might as well separate.

I had purchased my diamond through james-allen online. two years later I was able to sell it to a diamond broker for about 80% of what I had paid and about 70% of exact same spec'd ones on james-allen. having the cert is key. there are places you can look up and will give you a quote. I ended up using the online quote that was highest to get the broker to match it in person.

haven't bothered with the setting yet. hoping to get 20% of what I paid (was a good price then, too).

good luck. I don't have time to look up who the buying quoters were right now, but probably could later.

If it's a nice stone, is it feasible/worth just keeping it safe until another potential SO comes along? Rather than taking the loss now and then paying again later.

If you chose to sell it as it is, you'll get the most cash via a direct sale - whether on ebay, DiamondBistro, CraigsList or whatever.

If you try to sell it to a jeweler or pawn shop, they'll only buy it for a price they can resell it for minus a decent profit margin - so they'll give you maybe 25% msrp. Don't even bother with a 'we buy gold' place.

In reply to Duke:

Yes, however the stone will always be attached to her and I don't want that whenever the next SO comes along. My brain is telling me keep it for later use, but my emotions are telling me to get rid of it. Right now, the emotions win.

CGLockRacer wrote: In reply to Duke: Yes, however the stone will always be attached to her and I don't want that whenever the next SO comes along. My brain is telling me keep it for later use, but my emotions are telling me to get rid of it. Right now, the emotions win.

Understandable!

Duke wrote: If it's a nice stone, is it feasible/worth just keeping it safe until another potential SO comes along?

yeah...great idea.. can you imagine how that SO would react knowing the stone was intended for someone else?

CGLockRacer wrote: In reply to Duke: Yes, however the stone will always be attached to her and I don't want that whenever the next SO comes along. My brain is telling me keep it for later use, but my emotions are telling me to get rid of it. Right now, the emotions win.

BIL went through the same thing, he had it at a shop on consignment for like two years before he sold it to the son of a friend of a friend of his mom, who happenened to be looking for that kind of rock at the right price, i think he ended up getting 1000-1200 for a ring and stone that i believe he paid around 3-4k for.

so, its gonna take a while, usually people don't want to buy a stone that someone else is selling because they think a rock from a failed relationship might be bad luck or something. i say balls to that, but women, they have other ideas.

I have a buddy trying to get rid of similar. For him, it is a crappy "mall store" type ring with lots of small stones. It lacks the large center stone needed to have real value.
His has little secondary market value (even more so than most.)
At my suggestion, he has put it up on the trade section of CL. Unlike yourself, he lacks automotive knowledge but he has been offered a few crappy cars in exchange. Knowing what you (we) know there are cars that can be offloaded for easy to define prices.
In my friends situation, we are trying to attract some young kid who knocked up the GF; typically has little real cash to spend on a ring but may have a second car or motorcycle he can give up.

Put it in one of your teeth.

Grizz wrote: Put it in one of your teeth.

In reply to CGLockRacer:

i thought you were in berzerkley. i bought my wife's engagement ring from Jim Harris at Harris Gems in Royal Oak. he's a good guy, and will point you in the right direction if he's not interested in buying it himself.

4255 Coolidge Hwy Royal Oak, MI 48073 (248) 554-0000

Never be sentimental over a diamond. My GF wanted a new diamond that was untainted by divorce... There's no such thing as a 'new' diamond. Every one of them has been pooped out by a dinosaur.

Long story short I bought her a pawn store ring for a sixth of retail and you know they still made money off me but it was cheap enough I'm still happy. I got it resized and buffed.

Never sell a diamond at a pawn shop. They will ream you out. If you can sell it face to face to someone with an upcoming anniversary or engagement you will get the most money. Just be open honest and firm. I hate getting jerked around on jewelry.

No matter what, you're coming out ahead on this deal.

Avoid those 'cash for gold' places like the plague. And yeah you are coming out ahead.

I can understand the sentimental taint attached to that particular rock, but if you have reason to believe that there will be a new and improved S.O. in the foreseeable future, why not hold onto it, and when the time comes trade it as part of the transaction. (transaction with the jeweler, not with SWMBO).

Go to local family owned type jewelry store having done your research on value of diamond and see what they offer. I think that you will get better offer there than the big chain store or the buy gold/pawn store. You are selling an object that has value and someone will see its value but like any good car dealer, they will try to pay as little as possible. If you are firm but fair with your expectation, you will get a fair price.
Holding it for the next gf is the worst possible idea ever plus she will pick out a different style anyway; it is just the way the world works.

Duke wrote: Rather than taking the loss now and then paying again later.

It could have been much worse......the "Yes" for at least a year after marriage, promptly followed by "NO, but I'll take half your things too"

If you have the certs, you could always hold onto it until another SO comes along, then use it as a trade value. Otherwise brokers paying 80% is probably going to be your best, and most reliable, bet.

yamaha wrote:

Duke wrote: Rather than taking the loss now and then paying again later.

It could have been much worse......the "Yes" for at least a year after marriage, promptly followed by "NO, but I'll take half your things too"

As I said, you came out ahead.

FranktheTank wrote: Never be sentimental over a diamond. My GF wanted a new diamond that was untainted by divorce... There's no such thing as a 'new' diamond. Every one of them has been pooped out by a dinosaur. Long story short I bought her a pawn store ring for a sixth of retail

And are you still with said girlfriend/wife?

I'd never bother with used unless the (non-existant currently) SO said so. Getting married is kind of a big deal, superstitions be damned.

Seriously, I'll buy it. Been shopping on craigslist everyday for one. Message in 3..2..1..

And are you still with said girlfriend/wife?

I'd never bother with used unless the (non-existant currently) SO said so. Getting married is kind of a big deal, superstitions be damned.

Yes.

I really don't buy into superstitions or hoodoo. I figure a dinosaur pooped it, laid there for years and years.... outside, then A few children in Africa/India were probably killed over the diamond. Then a jeweler wiped it off and threw it on a gold band and bam asked 4 grand for it. What does it hurt if somebody wore it a few months then died and her husband was so grieved over it he became drug addicted then dug up her body pawned the ring then OD'd and the pawn store owner wiped it off and bam sold it to me for 650 after I had it authenticated. I'd say anybody that pays full price 500% mark up is a sucker.

That's like not buying a house just because people lived in there before. Or a car because a creepy guy owned it once.

Eleven year ago, I bought my wife's ring in Downtown Birmingham at a little place just down from The Hunter House. Morrey's Fine Jewelry. It was not a new ring but it is exceptional.
I am not sure how much he would give you for yours considering what I paid was a tremendously good deal for me.

In reply to Enyar:

Replied...

Remember guys, salesmanship is everything.

Offering a woman a "used" ring is a no-no.

Instead say its an "antique" or "precious heirloom".